Former Florida governor Jeb Bush speaks at a campaign stop in Newport, N.H., on Jan. 21. (John Minchillo/Associated Press)

Former Florida governor Jeb Bush brought in just $7.12 million for his presidential bid in the last three months of 2015, a little more than half of what his campaign collected the previous quarter.

His total for the quarter represents a sharp drop-off from earlier in the year: In his first quarter as a candidate, Bush raised $11.42 million. In his second, he pulled in $13.34 million.

The slowdown in contributions comes as the Republican has remained low in the polls in many of the early nominating states, including Iowa, which will hold the first-in-the-nation caucuses on Monday.

His campaign spent an estimated $9.8 million in the last quarter, racing through more money that it was raising. Campaign officials noted that they began 2016 with $7.58 million on hand.

"Jeb continues to be encouraged and grateful for the tremendous support and enthusiasm his candidacy has generated since he launched his campaign," spokeswoman Allie Brandenburger said in a statement. "We are confident our campaign will have the resources needed to get Jeb’s conservative record, message and vision for the future out to voters across the country. We are well positioned with more than 7 million cash on hand and have the resources needed to fund our best-in-the-field ground operation and paid voter contact efforts in the early primary states and beyond."

The super PAC backing Bush, Right to Rise USA, also reported a significant fall-off in donations in the second half of 2015, raising just $15 million after bringing in $103 million in the first half of the year. The group, which initially sought to limit donations to $1 million early last year, raised just two contributions in that range after June: $10 million from former AIG chief Maurice "Hank" Greenberg and $1 million from Morton Bouchard, the head of an oil barge company in Melville, N.Y.